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Revolut's payments in Irish move after Brexit

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Revolut has more than 8 million customers

Revolut has more than 8 million customers

Revolut has more than 8 million customers

Fintech company Revolut is in the process of applying for an e-money licence (EMI) here in order to have its western European customers on its Irish licence.

The move is part of the payment firm's plans to mitigate against the potential impact of Brexit disruption.

Richard Davies, CEO of banking at Revolut, yesterday said: "We remain committed to having London as our global headquarters, with Ireland planned to take on our western Europe activities subject to authorisation from the Central Bank of Ireland (CBI)."

Ireland was selected as a regional hub due to its "large customer base in the country, and access to a highly educated and diverse pool of talent", he said.

Headquartered in London, Revolut has a banking licence from Lithuania which allows it to operate throughout the European Union. The EMI licences enable it to host peer-to-peer transactions. Its accounts are especially popular with millennials.

The company's global office will continue to be in London, and UK payments will be managed from there.

Revolut plans to have its central and eastern European clients on its Lithuania EMI and bank licence.

Revolut's user-friendly mobile phone app is considered to be superior to those offered by traditional banks here, where it currently has over 500,000 customers signed up.

As part of its plans to expand operations in Ireland, the company intends to grow its employee numbers.

Its services include pre-paid debit cards and peer-to-peer payments, and it intends to increase its Irish workforce to between 40 and 50 people this year. It currently employs 12 staff here.

Mr Davies said the company will also open credit offerings for the first time later this year, according to a report in the 'Daily Telegraph'.

Founded in 2015 by Nikolay Storonsky, a former trader with Credit Suisse, the company now has more than eight million customers around the world.

Last year, the online bank had to defend itself over the possibility that thousands of illegal transactions were allowed to pass through the app over the course of three months.

The challenger bank's Irish-born finance officer, Peter O'Higgins, resigned as the firm grappled with the money laundering claims.

The bank insisted that his resignation had nothing to do with the compliance concerns.

Yesterday, the CBI said that Revolut "is an electronic money institution, authorised in the UK, and passporting into Ireland on a freedom-of-services basis".

Irish Independent